false

You can have financial goals whether you work part-time or full-time, get paid by the hour or have a salary. Financial goals are a practical tool that anyone can use to work toward their dreams for the future.

false

Everyone should have financial goals regardless of their relationship status. If you’re single, set some goals you’d like to reach on your own. That way if you don’t end up in a long-term relationship, you’ll be working toward and hopefully achieving your own goals. That sounds better than waiting around for Mr. or Mrs. Right to get started, doesn’t it?

true

A budget is the smartest, most powerful tool you can use to manage your money. Why? Because it shows how much money you have coming in every month and how you’re planning to use it. A good budget will include all expenses, even smaller ones like online streaming services. Once you have a realistic picture of where your money is going every month, you can start setting other financial goals.

true

An emergency fund can help you avoid having to use credit for emergency expenses or pulling money from other savings accounts or retirement funds. How much should be in it? Start by trying to save one month of your regular expenses. Once you get there, give yourself a pat on the back, then work toward saving 3-6 months.

false

You can definitely have more than one goal. For example, you could be saving toward your emergency fund and a larger purchase you want to make next year at the same time. Your goals can be a mix of short- and long-term goals too. Short-term goals are those you think you can achieve in a year. Long-term goals will usually take a year or longer. There’s no limit on how many goals you can have, but don’t try to tackle too many at the same time.

false

While “save some money” could be considered a goal, it’s better to have a specific reason for why you’re saving it. A good specific goal has the action you’ll take – save, pay, etc. – and how the money will be used. That’ll make it feel more real and inspiring. Here are a couple examples of specific goals:

• · save for a new TV for the family room
• · pay down the balance on my XYZ credit card

true

This goal has an action that you’ll take (save) and what it’s for (a down payment on a condo). Does that make this goal feel more real and inspiring? You bet it does.

true

A target date or deadline helps you stay motivated to keep working toward your goal. What that is for each goal will depend on how much money the goal involves and whether it’s a short- or long-term goal.

false

You should write down your goals. People who do that are much more likely to reach their goals than if they didn’t write them down. Plus, we suggest keeping your goals where you’ll see them on a regular basis, so they keep you inspired.

true

Your goals are just as important as your rent and other expenses, so they should absolutely, positively be part of your budget.

false

Setting financial goals will take some work, but they can get you headed in the right direction. Sure, there’s also no guarantee that they’ll be worth it, but how will you find out if you don’t try?